The first quarter was an extremely difficult one for the energy sector given the collapse of crude during the quarter. That difficulty was reflected in DistributionNOW's (NYSE: DNOW) first-quarter report, which was released before the market opened on Wednesday. The company continues to take advantage of the situation using its strong balance sheet to snap up a growing supply of bolt-on businesses.Drilling down into the numbers NOW's revenue slumped 15% during the quarter, down to $548 million.